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Estonia: bonds

The development of the capital market and its infrastructure in the years following Estonia’s independence has been affected by factors such as the government’s conservative fiscal policy and borrowing, which has resulted in modest issuance of government bonds, the currency board system, where Eesti Pank does not conduct an active monetary policy and banks’ liquidity management is carried out through international financial structures, and the relatively high cost of local resources compared to foreign funds, all of which have supported the bank-based financing of Estonia’s economy.
Debt instruments accounted for less than 5 percent of GDP by the end of March 2009. The secondary market is also shallow, as buy and hold investors snap up the few issues available.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
corporate
EUR 65 1 905 570 447
USD 2 2 000 000
SEK 2 40 000 000
municipal
EUR 10 138 027 783
SEK 1 51 509 640

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Luminor Bank, 1.5% 18oct2021, EUR - International bonds XS1894121695 1.5% 350 000 000  EUR 10/10/2018 10/18/2021
Baltic Horizon Fund, 4.25% 8may2023, EUR - Domestic bonds EE3300111467 4.25% 30 000 000  EUR 05/08/2018 05/08/2023
Elering, 0.875% 3may2023, EUR - International bonds XS1713464102 0.875% 225 000 000  EUR 04/26/2018 05/03/2023
Mainor Ulemiste, 5.5% 5apr2023, EUR - Domestic bonds EE3300111343 5.5% 10 000 000  EUR 04/05/2018 04/05/2023
Admiral Markets, 8% 28dec2027, EUR - Domestic bonds EE3300111251 8% 1 826 800  EUR 12/28/2017 12/28/2027
FMLA, 3.25% 19sep2027, EUR - Domestic bonds EE3300111301 3.25% 5 500 000  EUR 09/19/2017 09/19/2027
Redgate Keyman, 8% 10jun2019, EUR - Domestic bonds EE3300111244 8% 125 000  EUR 06/09/2017 06/10/2019
Riigi Kinnisvara, 1.61% 9jun2027, EUR - Domestic bonds EE3300111236 1.61% 27 000 000  EUR 06/05/2017 06/09/2027
Endover, 11% 30may2019, EUR - Domestic bonds EE3300111228 11% 6 500 000  EUR 05/30/2017 05/30/2019
Iutecredit Europe AS, 14% 15jun2020, USD - Domestic bonds EE3300111210 14% 1 000 000  USD 05/25/2017 06/15/2020

World Bond market statistics

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Domestic corporate bond market (Eastern Europe) (without short-term bonds)
Estonian corporate bonds outst., EUR bln 0.46 0.46 0.46 0.47 0.47 0.47 0.48
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Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Estonian international bonds, USD bln 1.900 1.800 1.800 1.800 1.700 1.600 1.700
BIS net issues of international-bond market of emerging countries
International-bond net issue of Estonia, USD bln 0.000 0.000 0.000 0.000      

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Eastern Europe)
Annual new issues of Estonia sovereign international bonds, USD bln 0.000 0.000 0.000 0.000
Annual new issues of Estonia corporate international bonds, USD bln 0.017 0.000 0.633 0.137
Annual new issues of Estonia corporate international bonds, (financial sector) USD bln 0.000 0.000 0.000 0.000
Annual new issues of Estonia corporate international bonds, (non-financial sector) USD bln 0.017 0.000 0.633 0.137

Emerging Markets International Bonds

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Volume of Eastern Europe International Bonds Markets
International bonds of Estonia, USD bln 1.440 1.357 1.353 1.367 1.626 1.628 1.682
Corporate international bonds of Estonia, USD bln 1.426 1.343 1.339 1.352 1.611 1.614 1.666
Sovereign international bonds of Estonia, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Credit Risk Indicators

Daily indices

Type: 01/06/2016 01/05/2016 01/04/2016 12/31/2015 12/30/2015 12/29/2015 12/28/2015
CDS Emerging markets (sov.) 
CDS 5Y Estonia mid * * * * * * *
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Macroeconomic Indicators (World economy)

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Estonia) 4.40 3.70 3.60 3.50 4.00 3.00 2.90
Consumer Prices Indices (CPI, Global)
HICP Estonia, Monthly rate of change, % 0.50 -0.30 0.60 0.20 1.00 0.50 0.60
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Estonia) 9.00 9.50 9.70 10.40

Stock market (World)

Daily indices

Type: 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018 11/07/2018 11/06/2018
Stock market (Eastern Europe)
OMX Tallin (Estonia)  1 183.29 1 189.60 1 192.54 1 189.33 1 191.78 1 188.32 1 189.81
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Eesti Energia, 2.384% 22sep2023, EUR   EUR 09/22/2023 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Eesti Energia, 4.250% 2oct2018, EUR   EUR 10/02/2018 05/18/2016 *** *.** 05/18/2016 ***.*** *.**
Eesti Energia, 4.50% 18nov2020, EUR   EUR 11/18/2020 05/18/2016 ***.* *.* 05/18/2016 ***.** *.**
Elering, 4.625% 12jul2018, EUR   EUR 07/12/2018 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Nelja Energia, FRN 2021, EUR   EUR 06/02/2021 05/18/2016 ***.**** * 05/18/2016 ***.**** *
Pro Kapital Grupp, 8% 1jun2020, EUR   EUR 06/01/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
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